China only major economy with positive GDP growth in 2020

After overall GDP estimation of 2020 China bagged the position of being the only major economy with positive GDP growth.

China has become the only major economy in the world that ends in positive GDP growth by 2020. Data released by China's National Bureau of Statistics puts GDP growth in the December quarter at 6.5%. This set the annual growth rate for 2020 to 2.3%, despite a 6.8% decline in the quarter ending March 2020, with China facing a Covid-19 high rise.

The 2.3% GDP growth rate by 2020 has 30 basic points - one basic point of one percent - more than the 2% estimate set by the World Bank's Global Economic Prospects released earlier this month. All major economies, national groups and sub-regions (East Asia and the Pacific are the only exceptions, thanks to China) are expected to reach an agreement on their GDP by 2020.

China's economy is expected to grow at a tremendous rate even by 2021. This is despite the fact that the rest will have a much better effect due to the economic downturn this year. The gap in employment growth in 2020 and 2021 is likely to close the gap between the US and Chinese economies significantly. In 2019, China's GDP was $ 14.3 trillion at current prices, about two-thirds of US $ 21.4 trillion. With China’s GDP growth surpassing that of the US by 5.9 points and 4.4 percent in 2020 and 2021 respectively, the US-China GDP gap is expected to fall sharply.

Certainly, China's economy has its share of challenges. China's outstanding performance is "accelerated by the surprisingly large export sector" as "consumption - which is the basis for growth - has fallen short of expectations", reported by the sources.